The invention relates generally to marketing, and particularly to systems and methods for generating marketing-mix solutions.
Business enterprises spend enormous amounts of money on marketing of products. Such expenditures are often towards many different marketing channels, such as television advertisements, web advertisements, newspaper and magazine advertisements, among others. It is desirable to measure return-of-investments (ROI) on the money spent on the marketing activities to generate optimal marketing-mix solutions that maximize the sales/revenues of the products.
Typically, a marketing manager would need to perform an elaborate and time consuming analysis to figure out incremental gain in sales by increasing the respective marketing element by one unit. Additionally, the marketing manager would need to optimize the marketing budget and identify the efficient marketing activities.
Unfortunately, analyzing marketing data to determine marketing strategies is extremely complex due to difficulties in capturing and extracting data from various data sources. Furthermore, business management often requires to forecast future outcomes of the sales/revenues based upon changes in marketing strategies including variations in spends towards various marketing channels. For any given business, there are a large number of factors that influence the business outcome. Many business organizations generate forecasts through a manual process, which can be extremely cumbersome and time-consuming.
Therefore, it is desirable to develop a technique to organize, integrate and analyze marketing data to generate marketing-mix solutions for optimizing spends towards different marketing channels.